Bloomberg News

Development Securities Investors Rebel on Pay, Sunday Times Says

July 22, 2012

Development Securities Plc (DSC) shareholders want to reduce executive compensation and are calling on the company to extend a buyback of stock, the Sunday Times reported, citing an unidentified investor.

The company, owner of the Manchester Arena music venue, trades at a 45 percent discount to its net asset value, the newspaper said. Investors may consider seeking a change of management after executives collected 2.6 million pounds ($4 million) in salaries and bonuses last year, according to the report.

To contact the reporter on this story: John Glover in London at johnglover@bloomberg.net

To contact the editor responsible for this story: Paul Armstrong at parmstrong10@bloomberg.net


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